Would you ever be tempted to not have health insurance

[oliverdickens]

I have a situation where I have a retirement health insurance benefit that I can enroll in, no underwriting, guaranteed, at any time. There are no conditions such as having insurance before enrolling, etc. I can even go in an out of it at will. (Yes I confirmed all of this today, they said I have the most generous plan ever)

The insurance will cost about $670/month for both my DW and I and will cover major medical up to $1MM each with a $2000 deduct

With that said, and with those options, would you opt to go without health insurance, save on the monthly premiums and just enroll if you see a large bill/issue coming or enroll later as we get older.

I am 56, wife 59 so we would have if for awhile.

Know it seems a crazy question, but we have few problems, knock on wood, and just wondering if it is perhaps a worthwhile option to take to save a great deal on premiums.

My issue is accidents or finding something that needs immediate attention before I could get enrolled. Takes about a month to get enrolled.

But it is a interesting situation that I would be interested in some thoughts around.

 

[crazy connie]

An ounce of prevention is worth a pound of cure. You want to take the risk of being self insured with none of the downside. Take what you heard over the phone with a grain of salt. Get and read the SPD yourself 1st to validate. Call your insurance agent and price out a catastrophic policy with a 10K deductible 1st.

I would only do what you are contemplating after doing the above due diligence and having a catastrophic high deductable plan in place. Or you can get a McJob with health insurance in place 1st.

 

[bbbamI]

We were in pretty much the same situation you are in now. However our premium is not as high as yours, but the coverage is about the same.

We enrolled as soon we were able because the retirement medical benefits can change at anytime (we read the documentation). The Mega Corp is great about grandfathering, so we wanted to be on board in case there are any changes made in the future.

 

[clifp]

I think it would really depend on your overall financial situation. Roughly speaking between now and Medicare as couple you'd save $70,000 in premium which may or may not be a large amount of money to you.

While it is great that you can enroll at anytime, you do need to be extremely careful that the insurance will actually pay for treatments associated with pre existing conditions. It obviously would be a disaster if they let you enroll, but than wouldn't pay for any treatments associated with say cancer that was found before enrollment.
In which case you'd have a medical plan that would pay for you broken leg from an accident but not radiation treatment for your wife's breast cancer.

 

[REWahoo]

I cannot think of any circumstance where my spouse or I would ever voluntarily go without health insurance. I'd never be comfortable with a commitment by any former employer that we could get coverage at any time we felt the need - promises are broken every day.

 

[Brat]

concurr with REWahoo

 

[Bestwifeever]

Never.

 

[Mill]

I went without insurance for a few years after college (while not working).

Got lucky, didnt need it. Wouldnt risk it again tho.




"Awesome, time off! I havent had a vacation since I was 21 through 24!"-Phillip J Fry (Futurama)

 

[CuppaJoe]

BTDT, bad idea, was lucky.

At age 56, and 59, you gotta be kidding.

 

[jambo101]

So this insurance can be subscribed to when you need it and not subscribed to when you dont need it?

As for going with out health insurance? may save you some money as long as you are healthy and not need it but could prove problematic if something sudden and unexpected occurs, its a gamble i wouldnt take if i were in your place.

 

[Midpack]

Everyone above has given you good answers re: the enrollment/timing and going without aspect, but IMO there is a significant moral issue as well.

• What is insurance fundamentally?
• What if all the participants in your plan went in and out?
• Knowing the answer to that question, if you choose to go in and out you're basically a parasite in the system. You're not taking advantage of the provider as much as you're taking advantage of all the other policy holders.

 

[oliverdickens]

Thanks for all the replys. I know I will sign up as it is like home insurance, you pay thru the nose and hope to never us it. So it goes with health insurance.

I agree with never trust any promises as they are like campaign promises, just hot air.

So I have everything ready to enroll.

Thanks

 

[ERD50]

Everyone above has given you good answers re: the enrollment/timing and going without aspect, but IMO there is a significant moral issue as well.

• What is insurance fundamentally?
• What if all the participants in your plan went in and out?
• Knowing the answer to that question, if you choose to go in and out you're basically a parasite in the system. You're not taking advantage of the provider as much as you're taking advantage of all the other policy holders.

If the company set the rules this way, they should not be surprised if people use the rules to their advantage.

If "everybody did that", they would need to change the rules. This is no different than some of the subsidy and rebate programs from the govt. I don't agree with them, but that does not change the fact that they are out there. If I can take advantage of them I will. That's what they are there for.

-ERD50

 

[Brat]

The rules can change in a flash. Better to be in and not need coverage than to be out but not be able to get in.

It may be that the company believes that their folks know better than to not have coverage and understand that the door could be closed on re-entry just when you need coverage the most.

 

[Martha]

Do you have a written contract which guarantees this benefit?

 

[Walt34]

Never would do without it for the same reason I willingly pay for house insurance. Hope I never need it, but the fact is I cannot afford another house like this one again.

Consider this: An uninsured driver with a net worth of $5.98 runs a red light and hits you. A week in ICU is well over six figures. Got that in your pocket?

 

[Brat]

I am a retired HR professional. Employee benefits can me modified with no notice. I would never take the risk that the plan would let me in if I wanted to use it at some time in the future. Usually employee health plans require continuous coverage by the participants. If, for example, an employee had heath insurance through a spouse's employer the employee can enroll if the spouse insurance was no longer available or at the time of 'open season' when they can choose between policies offered by two different employers.

 

[Moemg]

At age 56 and 59 there is no way I would go without health insurance . Things happen when you least expect them . If you want to save some money go for Catastrophic coverage .

 

[lloyds]

Don't you have a similar option for Cobra benefits? Seems like I remember hearing that you can put off taking out the Cobra insurance for like 90 days. If something happens during that period you could just pay the premium and pick it right up.

 

[Bestwifeever]

My niece who was around 25 at the time had a three-week-gap between jobs, leaving one three weeks before the new one started, which she had already lined up; passed up an interim one-month policy (not Cobra--something the former employer's insurance co. offered); and had to have emergency gall bladder surgery during that time. On the hook for thousands that took her 3 years to pay off. You never know.

 

[Rich_by_the_Bay]

Even routine but serious illnesses can easily run up $80,000 to $100,000. Start talking about more serious or prolonged illnesses and half a million is not rare. High tech drugs can cost you $30k per year (certain chemo) and many run $3000 per year.

Since you're healthy, you might easily overlook the cost of serious trauma or burns. 6 figures easily.

If you can handle that from personal funds comfortably for years or decades of exposure then maybe going bare can make sense. But I doubt it.

 

[Khan]

Anecdote:
I have always been paranoid (not sure if that's the right word) about having health insurance.
Back in the early '60s it was discovered that my brother had cancer. My father was self employed and there was no medical insurance.
The bills were unbelievable (several individuals and groups did pay/waive fees).
I would say to at least have some insurance for major sudden cost.

 

[dex]

For some reason people think about health ins differently than other ins.
If you were allowed to drive a car without ins; would you?

The concept of most insurance policies is asset protection.

If you do not have any assets you might be willing not to pay for health insurance and assume all the attending aspects if you do get ill.

 

[Midpack]

If the company set the rules this way, they should not be surprised if people use the rules to their advantage.

If "everybody did that", they would need to change the rules. This is no different than some of the subsidy and rebate programs from the govt. I don't agree with them, but that does not change the fact that they are out there. If I can take advantage of them I will. That's what they are there for.

-ERD50

That's a really warped way to view others, screw everyone else, I got mine, who cares about integrity. It's policy holders that pay for parasites, not "the company." YMMV

 

[mews]

I would never go without insurance if there were any other alternative.

My brother and sister in law tried that, and that is when my sister in law was diagnosed with breast cancer.

Many, many bills later, she is fine.

ta,
mew